India's PM E-Drive Scheme Spearheads EV Revolution

Mahindra & Mahindra and Tata Motors praised the newly approved PM E-Drive scheme, which aims to boost electric vehicle (EV) adoption in India with a total budget of Rs 14,335 crore. The scheme includes incentives for various EV types and aims for significant investment in EV infrastructure.

Home-grown auto giants Mahindra & Mahindra and Tata Motors have lauded the PM e-drive scheme, slated to accelerate India's adoption of electric vehicles (EVs). On September 11, the Union Cabinet sanctioned Rs 14,335 crore for two key schemes to promote EV usage, encompassing buses, ambulances, and trucks.

The projects include the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme, with a Rs 10,900 crore budget over two years, and the PM-eBus Sewa-Payment Security Mechanism (PSM) scheme, budgeted at Rs 3,435 crore.

Mahindra Group CEO Anish Shah emphasized that the initiative, aimed at 2Ws, 3Ws, e-buses, and e-ambulances, will boost EV penetration. Similarly, Tata Motors Executive Director Girish Wagh noted that the scheme will expedite India's transition to zero-emission mobility. Ola's Bhavish Aggarwal and Hero MotoCorp's Pawan Munjal reiterated the potential for accelerated EV adoption and technological advancements, respectively.

(With inputs from agencies.)